Professional services automation software is the engine that drives imperishable growth in tandem with the employees’ need to fully understand and manage tasks. PSA software empowers professional services teams and puts the customer at the centre. According to Mordor Intelligence, the Professional Services Automation market is estimated to experience growth of USD 1679.72 million by the year 2025.
Usually, the project management tools establish a solid foundation for their projects, providing tools to scope out the milestones, key deliverables, and roles before executing. However, organizations planning to invest in project management systems can opt for advanced professional services automation software to handle project execution holistically from beginning to end.
PSA software is the operating system precisely designed to meet the needs and objectives of the professional services firms. One of its kind, PSA software is delineated to assist professional services to enhance their efficiency and streamline operations. They are also involved in procuring a high level of productivity and profitability. Considered as complete business solutions, advanced PSA holds a variety of features that include billing, resource allocation, project management, invoice management, time tracking, and expense management.
To thrive and compete in the current business climate, companies need to transform and evolve to meet the needs of today’s customers. Businesses that implement PSA in their systems gain higher billable utilization, increased project margins, and better resource utilization. Depending upon its usefulness, there are two critical methods of implementation of the Professional Services Automation (PSA) systems: on-premise and cloud PSA systems. These services are presented on cloud platforms and are garnering rising popularity, among the SMEs.
Now, the question arises, why invest in PSA?
Well, PSA software is used in professional services organizations to improve customer experience. To succeed, companies must have similar perceptions around the teams through a customer-focused lens. This requires strong alignment across sales, marketing, and teams of project delivery, as strong alignment drives profitability and predictability. When you align your team accordingly you can streamline hand-off from sales to services, improve up-sell to cross-sell potential, perform effective communication from sales end, and offer more profitable bids or quotes.
Similarly, productivity is another feature that needs to be highlighted. When businesses enable PSA software it saves time and drives more productivity from their employees. It enables the team to go beyond resource planning for managing resource availability and balances the team for resource skills and certification. This results in maximizing the utilization and billing rates of the business.
It further paints a clear picture of where the company is earning and burning money. PSA comes up with critical information on which projects and clients contribute most to the profitability of a business portfolio, thus securing your future decisions. PSA solutions can provide insight into performance metrics such as sales, expense, usage, and profit margins through centralizing project delivery data.
Additionally, PSA software ensures data overview across all levels. Data is automatically captured, systemized, and converted into effective holistic reports. To start, advanced PSA is equipped with a time-tracking feature that delivers the reports that also assists in filling in timesheets daily and the teams can set reporting in motion.
Ultimately, an advanced PSA tool allows top leaders to move away from spreadsheets and get more engaged with the data at a high level, to draw decisions to achieve greater productivity.
TouchBase® from ProductDossier is a leading Professional Services Automation (PSA) solution that enables you to manage your entire Project Life-cycle from the Proposal stage to the Delivery stage in a very simple and collaborative manner. It ensures business continuity and helps you seamlessly manage your projects and remote resources. The Key Benefits of TouchBase PSA Software are:
- Improved Overall Revenue and Project Profitability
- Supports Multi-Entity, Multi-Location, and Multi-Currency
- Improved Resource Allocation and Utilization
- Business Process Automation which Leads to Higher Productivity
- Intuitive Navigation and Great User Experience
- Secure, Scalable and Collaborative